Feature Post

BANKING OMBUDSMAN AND ITS ROLE

  The Banking Ombudsman is an authority created by the Reserve Bank of India (RBI) to address customer grievances regarding banking services. It provides a cost-free, quick, and impartial resolution process for complaints against banks.  Customers can file complaints if they are dissatisfied with the services of a bank or have not received a satisfactory response from the bank within 30 days of lodging a complaint. Complaints given to Ombudsman Cover  -  Non-payment or delay in payment of cheques, drafts, or bills. Issues related to loans or advances. Non-adherence to fair practices code. Unauthorized debits or service charges. Complaints regarding internet banking or mobile banking. Delay in providing banking services. Unauthorized ATM withdrawals. Wrongful Charges. Ombudsman cannot accept complaints those are  handled by a court, tribunal, or arbitrator. Cases older than one year from the cause of action also do not entertained by Ombudsman.  How to File ...
0

Rule 72

 Rule 72 is the useful Formula for finding how quickly amount will get double in value by discounting or by applying interest rate.

Dividing 72 by interest rate, we can come to know that in how many year given amount will get doubled.

Formula - 

72 / Interest Rate

Where, Interest Rate - Rate of Return on Investment

Lets us understand with example - 

Let suppose financial institution is launching a scheme to give 6% interest on investment. 

So if you will invest 1,00,000/- amount in above given scheme, your investment will get double i.e 2,00,000 in period 72/6 = 12 years

If the same scheme revises the interest rate to 8%, then the same invested amount 1,00,000/- will get double in 72/8= 9 years.  

Comments

Post a Comment